Former minister Josef Bonnici is to be appointed government of the Central Bank on July 1, taking over from Michael C. Bonello, who has resigned, the government said.

A director at the Central Bank, Prof. Bonnici is professor of economics and head of department at the University, focusing primarily on monetary economics, macroeconomics and econometrics.

Mr Bonello informed the Prime Minister of his wish to resign in a letter dated April 18.

He will retain his post until the end of June.

In his letter, while thanking the Prime Minister and the government for the trust placed in him, Mr Bonello recalled that when he accepted the Prime Minister's offer of another term as governor in 2008, he had indicated his willingness to oversee the transition of the euro to its completion, but not necessarily to complete the full five-year term.

The Prime Minister accepted Mr Bonello's resignation and thanked him on behalf of the government for his valuable contribution.

Mr Bonello was first appointed governor in 1999, and since then he was actively involved in the transition to the euro, the accession of the Central Bank of Malta to the euro system, and the restructuring of the bank to meet these new responsibilities.

Since 2008, Mr Bonello has been a member of the Governing Council of the European Central Bank.